42: Let’s rebuild America

The recent soft patch in growth and dovish shift from the Federal Reserve has made it less likely that the US enters recession next year. While 2019 may not be the year that the US wholly reinvests in its crumbling infrastructure, it’s certainly at the top of both parties’ 2020 policy targets and neither side will want to be outdone. The market has become very pessimistic about infrastructure-related stocks' prospects but we see several potential catalysts that could trigger a rebound over the next two years. Joining Max on the podcast are Tim Drayson and Lars Kreckel to discuss the team’s contrarian ‘Rebuilding America’ theme and the outlook for US fiscal and monetary policy. Please note that figures are correct as of the time of recording in March 2019. Read Tim’s latest blog on the US economy here: https://macromatters.lgim.com/categories/economics/us-economy-extending-the-cycle/ Read Lars’s latest blog on US infrastructure stocks here: https://macromatters.lgim.com/categories/strategy/rebuilding-america-the-case-for-us-infrastructure-stocks/ •         Tim Drayson, Head of Economics •         Lars Kreckel, Global Equity Strategist •         Max Julius, Senior Investment Communications Manager We want to hear from you! Email us at [email protected] with your thoughts on the podcast and any suggestions of the types of content you’d like to see covered. This podcast is intended for investment professionals, and shouldn’t be shared with a non-professional audience. This podcast should not be taken as an invitation to deal in Legal & General investments. Any views expressed during this recording belong to the individuals and are based on market conditions at the time of recording, and do not reflect the views of Legal & General Investment Management. Legal & General Investment Management is authorised and regulated by the Financial Conduct Authority. Legal & General Investment Management, One Coleman Street, London, EC2R 5AA. Register in England no. 2091894. All rights reserved. No part of this audio may be reproduced in whole or in part without the prior written consent of Legal & General Investment Management.